METRO MINING LIMITED — Capital/Financing Update 2024

Apr 28, 2024

Metro Mining Limited ASX Announcement 29 April 2024

Offshore Floating Terminal Commences Cargo Operations; Triples Transhipping Capacity

Metro Mining Limited ( ASX:MMI ) (‘ Metro ’, the ‘ Company ’) is pleased to announce that its Offshore Floating Terminal (OFT) Ikamba safely departed Weipa on 25 April and completed its final stage of mobilisation to Skardon River. On 28 April, Ikamba commenced cargo operations loading bauxite onto a capesize vessel, Jewel, 8 nautical miles from shore.

OFT Ikamba is the most significant part of Metro’s expansion project to 7 million wet metric tonne (WMT) capacity, tripling Metro’s potential transhipping throughput but also providing additional resilience and upside to the Bauxite Hills Mine operation. It enables the faster loading of vessels, loading of larger vessels up to Newcastlemax size (220,000 tonnes) and due to its size, can operate safely in more difficult weather conditions. It will work in tandem with the single floating crane barge (FCB), TSA Skardon, to optimise ship loading in 2024.

Ikamba , is the Ankamuthi name for saltwater crocodile, an important totem for the Traditional Owners of the land and waters in which Metro is proud to operate.

Ikamba is 132 metres long and 28 metres wide, with dead weight of 5,000 tonnes. The cargo handling system comprises two heavy duty electric cranes of 34 WMT and 30 metres outreach, from E-Crane, and a conveyor system from MacGregor and a ship loading boom able to cover up to 3 holds of vessels up to Newcastlemax size. The system nameplate capacity is peak loading 3,000 tonnes per hour with expected operational throughput of up to 2,000 WMT per hour. The existing FCB, TSA Skardon, has nameplate capacity of 1,000 WMT per hour.

Simon Wensley, CEO & MD of Metro Mining said : “It has been over a year since Ikamba was loading bauxite off the West African Coast. After travelling halfway around the world and undergoing a refurbishment in China, it is exciting to see it in operation at Skardon River. My thanks to our truly professional team that has contributed to this epic journey. I wish the new Metro crew, fair winds and seas and above all, safe operations”.

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This announcement has been approved by the Board of Directors.

ENDS.

For more information contact:

CEO & Managing Director Investor Relations Simon Wensley Peter Taylor info@metromining.com.au Peter@nwrcommunications.com.au +61 7 3009 8000 +61 (0)412 036231

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About Bauxite and Metro Mining

Bauxite is the ore used to make aluminium, a critical and strong growth metal in the energy transition. Metro Mining is an independent bauxite producer and explorer, with its 100% owned Bauxite Hills Mine operating on the Weipa bauxite plateau approximately 95 kilometres north of Weipa, near the coast on the Skardon River. Metro Mining produces a high alumina bauxite, shipping direct to customers in very large ore carriers. Metro Mining recognises and has productive agreements with the Traditional Owners of the land on which it operates and is proud of its high percentage of indigenous employees and the economic impact it has in Cape York and Far North Queensland.

Forward-Looking Statements

This announcement may contain ‘forward looking statements’ concerning the financial conditions, results of operations and business of the Company. All statements other than statements of fact are or may be deemed to be ‘forward looking statements’. Often, but not always, ‘forward looking statements’ can be identified by the use of forward looking words such as ‘may’, ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘estimate’, ‘anticipate’, ‘continue’, ‘outlook’, and ‘guidance’ or other similar words, and may include, without limitation, statements regarding plans, strategies and objectives of management, future or anticipated production or construction commencement date and expected costs, resources and reserves, exploration results or production outputs. Forward looking statements are statements of future expectations that are based on management’s current expectations and assumptions, but known and unknown risks and uncertainties could cause the actual results, performance or events to differ materially from those expressed or implied in these statements. These risks include, but are not limited to, price fluctuations, actual demand, currency fluctuations, drilling and production results, resource and reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

Disclaimer

To the maximum extent permitted by law, Metro and their respective affiliates, related bodies corporate, officers, employees, partners, agents and advisers make no representation or warranty (express or implied) as to the currency, accuracy, fairness, sufficiency or completeness of the information contained in this announcement and expressly disclaim all responsibility and liability for any loss or damage arising in respect of any reliance of the accuracy, fairness, sufficiency or completeness of the information contained in this announcement, or any opinions or beliefs contained in this document. The Company is under no obligation to update or keep the information contained in this announcement current, or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information.

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